Synopsis
The extended funding round size would be around $300-310 million, according to people with knowledge of the matter. Of this, around $250-260 would be through secondary transactions, while approximately $50 million would be raised by Porter as primary capital.
Bengaluru-based on-demand logistics platform Porter is in advanced stages of closing a $100-110 million (about Rs 900 crore) funding from existing and new investors, taking the total investment in the company during the extended ongoing round to $300-310 million (Rs 2,700 crore), among the largest for a venture-backed company in the country this year, said people with knowledge of the matter.
Existing backer London-based private equity firm Vitruvian Partners, venture capital firm Elev8 Partners and some prominent Mumbai-based stock market investors are readying to pick up stakes in the logistics platform in this round, they said.
In May, Porter had announced a $200-million (around Rs 1,700 crore) round, led by private equity firms Kedaara and Wellington Management, which valued the company at $1.2 billion (approximately Rs 10,500 crore). The extended funding is coming in at a similar valuation, said one of the persons, who did not wish to be identified.
“Including the extended portion the overall round size will be around $300-310 million… of this around $250-260 will be through secondary transactions, while approximately $50 million (around Rs 450 crore) will be raised by Porter as primary capital,” the person added.
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